A re-pricing of risk has been well under way in logistics on the public markets since the pandemic began. Wherever we look at – from the 3PLs to the integrators via a few asset-heavy firms – stellar valuations are embedded in the multiples of a raft of supply chain actors.

Yet the smaller players suffer, chiefly from capital constraints, sowing the seeds of inorganic transformation for so many in what is a natural extension of the current competitive, let alone opportunistic, ...

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